The value of gold reserves increased by $465.5 million to $21.689 billion in reporting weekMumbai:The country's foreign exchange reserves jumped by $2.68 billion -- one of largest increases in recent months -- to touch $396.084 billion in week to January 4, driven by a rise in core currency assets and gold holdings, RBI data showed Friday.
The overall reserves had increased by $116.4 million to $393.404 billion in previous reporting week.
In reporting week, foreign currency assets, a major component of overall reserves, rose by $2.215 billion to $370.292 billion.Expressed in US dollars, forex assets include effect of appreciation or depreciation of non-US currencies such as euro, pound and yen held in reserves.
The reserves had touched a record high of $426.028 billion in week to April 13, 2018.
Since then, forex kitty has been fluctuating and mostly sliding.
One of major reasons for decline is that central bank has been selling dollars in market to contain rupee volatility.
In first five months of current fiscal year, central bank has sold more than $34 billion to arrest fall of rupee, which had sniffed at 74 to greenback earlier this fiscal year.
The value of gold reserves increased by $465.5 million to $21.689 billion in reporting week, apex bank said.
It can be noted that RBI has been buying bullion after almost a decade.
During its fiscal year ending June 2018, RBI had added 8.46 metric tonnes of gold.
The central bank now holds total 566.23 tonnes of yellow metal.The purchase was made to diversify foreign currency assets, RBI had said in its annual report.
However, week saw special drawing rights with International Monetary Fund marginally decreasing by $0.1 million to $1.462.6 billion.
The country's reserve position with IMF also declined marginally by $0.1 million to $2.639 billion, apex bank said.